WESTPAC : McDERMOTT MILLER
EMPLOYMENT CONFIDENCE SURVEY
“In the June quarter 2017 the confidence of employees in the employment situation lifted 3.5 points to 113.4 on Westpac : McDermott Miller’s Employment Confidence Index (ECI). The positive shift in employment confidence in the June survey more than offset the dip in employment confidence in the March quarter, and reaches its highest level in 8 years” announced Richard Miller, Managing Director of Strategy and Economics Consultancy, McDermott Miller Limited.
“The confidence of New Zealand employees is rising, with a significant proportion stating they are better off in terms of earnings in paid work now than they were this time last year; and, expect to be so over the year ahead” explained Miller.
“All employee age groups are more optimistic about their employment situation” noted Miller. “Middle aged employees are most confident and, unsurprisingly older employees least confident. As usual, employees in metropolitan areas are relatively more optimistic about the employment situation than employees living in rural areas, but interestingly, the latter had the larger quarterly lift in employment optimism” stated Richard Miller.
“Employment confidence in the public and private sectors continues to diverge with private sector employees’ becoming increasingly optimistic (EC Index up 5.5 points to 118.1 this quarter) compared to those in the public sector, down a little (0.5 points to 108.1)”, noted Miller.
“With rising employment confidence, and consolidating consumer optimism, the New Zealand outlook for employees looks positive” observed Richard Miller.
30 June 2017
Richard Miller, Managing Director
McDermott Miller Limited
Tel: 04 471 8500 Mobile: 027 451 0158
The Index is based on survey results of a representative sample of 1555 New Zealand households interviewed during 1-11 June 2017. It is made up of five component questions: (1) whether people feel that jobs are plentiful or hard to get now; (2) what job opportunities will be like in a year's time; (3) whether they are earning more or less now compared to a year ago; (4) what their earnings will be like in a year's time; and (5) how secure they feel in their present job. Questions 1 to 5 are used in the Employment Confidence Index, while questions 1 and 3 are used to calculate a Current Employment Conditions Index and questions 2, 4 and 5 are used to calculate an Employment Expectations Index.
The Index is intended to provide an indication of the level of job security amongst NZ workers and their wage expectations, and hence an insight into their willingness to spend. Over time, it is possible the Index may become a leading indicator for employment growth.
The Westpac: McDermott Miller Consumer Confidence Survey and Index is owned by McDermott Miller Limited. Westpac : McDermott Miller should be acknowledged as the source when citing the Index, just as Westpac-Melbourne Institute should be acknowledged when citing the Australian Index of Consumer Sentiment. Graphs supplied may be reproduced by the news media provided the Westpac: McDermott Miller logo remains inset.